BitsSecuritySOFR & repo-rate desk
Rates for Oct 8, 2026 · NY Fed data

SOFR history: 2019

A full year of SOFR in which policy turned from hikes to cuts and the repo market produced the largest one-day jump in the series, with monthly and daily tables.

2019 is the year SOFR changed direction. It opened at 3.15% on January 2, higher than the 3.00% final print of 2018 and 65 bp over the 2.50% top of the target range, then dropped 45 bp the next day. The range held at 2.25%–2.50% through July, and the 146 observations before August averaged 2.434%. Three 25 bp cuts then show up in the EFFR data: 2.00%–2.25% from August 1, 1.75%–2.00% from September 19 and 1.50%–1.75% from October 31. SOFR finished near the bottom of the last range, with a low of 1.52% on December 23 and a final 2019 print of 1.55%, 160 bp below its opening print.

It was also the most volatile of the early years. SOFR moved 10 bp or more in a day 27 times, against 6 times in each of 2018 and 2020. Much of that came from month-ends, which ran well above the surrounding days in the first four months: 18.2 bp above the prior five-day average in January, 19.6 bp in February, 24.4 bp in March and 30.2 bp in April, when the April 30 print of 2.76% sat 26 bp above the range ceiling. SOFR printed above the ceiling on 18 days in 2019, and seven of them were the last business day of a month.

September 17 was the outlier of the whole series. SOFR printed 5.25%, up 282 bp, with the middle half of the day's volume trading between 5.00% and 5.85% and the 99th percentile at 9.00%, on $1,177 billion. EFFR was 2.30% the same day, itself above the 2.25% ceiling, so SOFR stood 295 bp over it. The rate fell 270 bp to 2.55% on September 18 and another 60 bp to 1.95% on September 19, the first day of the lower range. The quarter-end brought a second, smaller jump: 2.35% on September 30, up 53 bp, before 1.88% on October 1. The spikes and month-end guide walks through those days trade band by trade band.

By December the rate had gone quiet. The December 31 print of 1.55% was only 2.4 bp above its prior five-day average, compared with 57.0 bp at the end of 2018. Average daily volume rose to $1,056.2 billion from $805.6 billion, peaking at $1,281 billion on September 3. Groundwork for fallbacks advanced late in the year: the New York Fed opened its consultation on SOFR averages and an index on November 4, and ISDA reported on November 15 that respondents favored a five-year historical median spread and a two-banking-day backward shift. Those are the parameters behind the LIBOR fallback calculator. The rate's collapse to near zero follows in 2020.

The day after month-end

The month-end premium of early 2019 lasted one day. The first business day of each month gave most of it back: SOFR fell 11 bp on February 1, 20 bp on March 1, 19 bp on April 1 and 22 bp on May 1. The reversals then shrank, to 9 bp on June 3 and 8 bp on July 1. The larger first-of-month drops later in the year mix in policy moves. August 1 (down 36 bp) was the first day of the 2.00%–2.25% range. October 1 (down 47 bp) unwound the September 30 quarter-end. November 1 (down 18 bp) followed an October 31 print of 1.76% that was both a month-end and the first day of the 1.50%–1.75% range, 1 bp over the new ceiling.

For a payment set off a single day's SOFR, the first half of 2019 shows that a month-end fixing could sit about 20 bp above the days on either side. Compounding over a period dilutes one high day; the compounded SOFR calculator shows by how much for any date range.

SOFR against EFFR

SOFR printed above EFFR on 149 of 250 days in 2019, below it on 62 and level on 39. The average gap was 4.2 bp above EFFR, and the range ran from 5 bp below to the 295 bp of September 17. By the final print the two had converged: both were 1.55% on December 31.

Reading the daily table

The 1st–99th percentile column shows how widely the day's volume was spread around the median. The median width in 2019 was 19 bp. September made the column's point: the band ran from 2.25% to 9.00% on September 17, 675 bp wide, and was still 290 bp wide on September 18 and 222 bp on September 16, the day before the spike. One row has a dash in that column: May 31, 2019. The New York Fed's data carry a SOFR of 2.49% and volume of $1,136 billion for that date but no percentiles. The New York Fed says it does not publish percentile statistics when contingency data are used in a calculation; its data file does not record the reason for this date.

SOFR and the target range in 2019

1.202.072.943.814.685.55MarMayJulSepNovSOFR
SOFRFed funds target range

2019 summary statistics

StatisticValue
Observations250
First / last observationJan 2, 2019 / Dec 31, 2019
First rate / last rate3.15% / 1.55%
Mean / median2.204% / 2.38%
High5.25% on Sep 17, 2019
Low1.52% on Dec 23, 2019
Average daily volume$1,056.2 billion
Largest daily moves+282 bp (Sep 17, 2019), -270 bp (Sep 18, 2019), -60 bp (Sep 19, 2019)

SOFR by month, 2019

SOFR by month, 2019. Source: Federal Reserve Bank of New York; summary statistics computed by BitsSecurity.
MonthObs.FirstLastMeanHighLowAvg volume ($bn)
January213.15%2.58%2.472%3.15%2.39%1,000
February192.47%2.58%2.404%2.58%2.37%929
March212.38%2.65%2.417%2.65%2.38%931
April212.46%2.76%2.476%2.76%2.44%978
May222.54%2.49%2.420%2.54%2.37%1,049
June202.40%2.50%2.393%2.50%2.35%1,087
July222.42%2.55%2.450%2.59%2.36%1,157
August222.19%2.16%2.128%2.19%2.09%1,202
September202.17%2.35%2.272%5.25%1.82%1,159
October221.88%1.76%1.864%2.05%1.76%1,092
November191.58%1.65%1.573%1.65%1.54%1,040
December211.63%1.55%1.546%1.63%1.52%1,029

Every 2019 observation

Every published SOFR observation in 2019, newest first. Source: Federal Reserve Bank of New York.
Effective dateSOFRChange (bp)1st–99th pctVolume ($bn)
Dec 31, 20191.55%+11.45% – 2.00%1,010
Dec 30, 20191.54%+11.47% – 1.67%1,036
Dec 27, 20191.53%+11.47% – 1.64%1,038
Dec 26, 20191.52%01.47% – 1.64%1,000
Dec 24, 20191.52%01.45% – 1.64%1,006
Dec 23, 20191.52%-11.48% – 1.64%1,027
Dec 20, 20191.53%01.47% – 1.64%967
Dec 19, 20191.53%01.47% – 1.65%988
Dec 18, 20191.53%-11.48% – 1.65%1,057
Dec 17, 20191.54%-81.48% – 1.64%1,014
Dec 16, 20191.62%+81.54% – 1.74%1,025
Dec 13, 20191.54%+11.48% – 1.66%1,017
Dec 12, 20191.53%-11.48% – 1.65%1,039
Dec 11, 20191.54%-11.49% – 1.65%1,056
Dec 10, 20191.55%-11.50% – 1.66%1,049
Dec 9, 20191.56%+11.50% – 1.67%1,042
Dec 6, 20191.55%01.50% – 1.67%1,017
Dec 5, 20191.55%+11.50% – 1.66%1,017
Dec 4, 20191.54%-11.49% – 1.65%1,046
Dec 3, 20191.55%-81.49% – 1.66%1,050
Dec 2, 20191.63%-21.54% – 1.75%1,104
Nov 29, 20191.65%+101.50% – 1.80%1,004
Nov 27, 20191.55%+11.48% – 1.66%1,011
Nov 26, 20191.54%-21.49% – 1.68%1,056
Nov 25, 20191.56%-21.50% – 1.69%994
Nov 22, 20191.58%01.51% – 1.70%1,028
Nov 21, 20191.58%+11.50% – 1.70%993
Nov 20, 20191.57%01.51% – 1.69%1,001
Nov 19, 20191.57%+11.51% – 1.68%1,008
Nov 18, 20191.56%-31.50% – 1.68%1,012
Nov 15, 20191.59%+11.51% – 1.70%1,049
Nov 14, 20191.58%+11.50% – 1.71%1,027
Nov 13, 20191.57%01.50% – 1.70%1,018
Nov 12, 20191.57%+11.52% – 1.70%1,064
Nov 8, 20191.56%01.50% – 1.68%1,016
Nov 7, 20191.56%-11.51% – 1.69%1,066
Nov 6, 20191.57%-11.50% – 1.69%1,083
Nov 5, 20191.58%+21.51% – 1.70%1,062
Nov 4, 20191.56%-21.50% – 1.69%1,146
Nov 1, 20191.58%-181.52% – 1.70%1,118
Oct 31, 20191.76%-61.68% – 2.02%1,174
Oct 30, 20191.82%+11.77% – 1.95%1,099
Oct 29, 20191.81%-11.76% – 1.94%1,048
Oct 28, 20191.82%-21.77% – 1.96%1,089
Oct 25, 20191.84%-21.78% – 1.97%1,077
Oct 24, 20191.86%-11.81% – 2.02%1,086
Oct 23, 20191.87%01.80% – 2.01%1,065
Oct 22, 20191.87%+11.80% – 2.01%1,079
Oct 21, 20191.86%-21.80% – 1.99%1,054
Oct 18, 20191.88%-71.82% – 2.02%1,120
Oct 17, 20191.95%-101.87% – 2.10%1,077
Oct 16, 20192.05%+51.90% – 2.20%1,086
Oct 15, 20192.00%+151.90% – 2.40%1,088
Oct 11, 20191.85%01.78% – 1.97%1,024
Oct 10, 20191.85%01.78% – 1.98%1,124
Oct 9, 20191.85%01.80% – 1.97%1,061
Oct 8, 20191.85%+21.80% – 1.98%1,070
Oct 7, 20191.83%+11.78% – 1.95%1,070
Oct 4, 20191.82%-21.77% – 1.94%1,094
Oct 3, 20191.84%-11.79% – 1.96%1,120
Oct 2, 20191.85%-31.80% – 1.98%1,147
Oct 1, 20191.88%-471.82% – 2.05%1,183
Sep 30, 20192.35%+532.00% – 3.20%1,097
Sep 27, 20191.82%-31.75% – 1.96%1,084
Sep 26, 20191.85%-161.78% – 2.03%1,092
Sep 25, 20192.01%+51.80% – 2.23%1,080
Sep 24, 20191.96%+111.89% – 2.10%1,085
Sep 23, 20191.85%-11.80% – 2.10%1,140
Sep 20, 20191.86%-91.80% – 2.08%1,121
Sep 19, 20191.95%-601.82% – 2.50%1,137
Sep 18, 20192.55%-2702.10% – 5.00%1,196
Sep 17, 20195.25%+2822.25% – 9.00%1,177
Sep 16, 20192.43%+232.38% – 4.60%1,156
Sep 13, 20192.20%02.16% – 2.40%1,134
Sep 12, 20192.20%+52.15% – 2.35%1,156
Sep 11, 20192.15%+12.12% – 2.30%1,179
Sep 10, 20192.14%+22.11% – 2.28%1,186
Sep 9, 20192.12%-32.09% – 2.27%1,243
Sep 6, 20192.15%-62.10% – 2.30%1,222
Sep 5, 20192.21%02.15% – 2.35%1,197
Sep 4, 20192.21%+42.15% – 2.39%1,222
Sep 3, 20192.17%+12.14% – 2.40%1,281
Aug 30, 20192.16%+42.09% – 2.33%1,194
Aug 29, 20192.12%02.06% – 2.26%1,196
Aug 28, 20192.12%-32.05% – 2.26%1,196
Aug 27, 20192.15%+52.11% – 2.30%1,197
Aug 26, 20192.10%02.07% – 2.23%1,190
Aug 23, 20192.10%+12.06% – 2.22%1,130
Aug 22, 20192.09%-12.05% – 2.22%1,160
Aug 21, 20192.10%-32.05% – 2.24%1,188
Aug 20, 20192.13%+22.08% – 2.26%1,228
Aug 19, 20192.11%-22.07% – 2.24%1,241
Aug 16, 20192.13%-52.08% – 2.27%1,247
Aug 15, 20192.18%+52.10% – 2.34%1,218
Aug 14, 20192.13%-32.08% – 2.27%1,244
Aug 13, 20192.16%+42.03% – 2.32%1,183
Aug 12, 20192.12%+12.05% – 2.26%1,177
Aug 9, 20192.11%+22.08% – 2.25%1,186
Aug 8, 20192.09%-12.06% – 2.25%1,218
Aug 7, 20192.10%-12.06% – 2.23%1,196
Aug 6, 20192.11%-22.08% – 2.25%1,234
Aug 5, 20192.13%-62.10% – 2.28%1,253
Aug 2, 20192.19%02.10% – 2.33%1,185
Aug 1, 20192.19%-362.11% – 2.33%1,183
Jul 31, 20192.55%+162.35% – 2.78%1,217
Jul 30, 20192.39%-12.35% – 2.53%1,158
Jul 29, 20192.40%-12.30% – 2.54%1,153
Jul 26, 20192.41%-12.35% – 2.56%1,142
Jul 25, 20192.42%+12.38% – 2.57%1,153
Jul 24, 20192.41%+12.35% – 2.56%1,139
Jul 23, 20192.40%02.36% – 2.53%1,091
Jul 22, 20192.40%-12.36% – 2.53%1,123
Jul 19, 20192.41%-52.35% – 2.55%1,140
Jul 18, 20192.46%-12.30% – 2.62%1,114
Jul 17, 20192.47%02.40% – 2.62%1,104
Jul 16, 20192.47%+12.42% – 2.60%1,102
Jul 15, 20192.46%+102.42% – 2.60%1,199
Jul 12, 20192.36%-52.33% – 2.53%1,138
Jul 11, 20192.41%-52.34% – 2.55%1,147
Jul 10, 20192.46%+12.30% – 2.59%1,139
Jul 9, 20192.45%-32.42% – 2.60%1,178
Jul 8, 20192.48%-112.42% – 2.60%1,211
Jul 5, 20192.59%+32.44% – 2.76%1,193
Jul 3, 20192.56%+52.48% – 2.75%1,213
Jul 2, 20192.51%+92.45% – 3.10%1,224
Jul 1, 20192.42%-82.36% – 3.85%1,181
Jun 28, 20192.50%+82.33% – 3.03%1,113
Jun 27, 20192.42%-12.32% – 2.57%1,117
Jun 26, 20192.43%+22.30% – 2.57%1,099
Jun 25, 20192.41%+22.35% – 2.54%1,101
Jun 24, 20192.39%+22.35% – 2.52%1,092
Jun 21, 20192.37%+12.33% – 2.50%1,103
Jun 20, 20192.36%02.31% – 2.48%1,067
Jun 19, 20192.36%-32.31% – 2.49%1,059
Jun 18, 20192.39%-22.33% – 2.51%1,059
Jun 17, 20192.41%+62.36% – 2.53%1,098
Jun 14, 20192.35%02.30% – 2.45%1,047
Jun 13, 20192.35%-22.32% – 2.49%1,039
Jun 12, 20192.37%-12.31% – 2.50%1,099
Jun 11, 20192.38%-12.30% – 2.50%1,048
Jun 10, 20192.39%02.35% – 2.50%1,112
Jun 7, 20192.39%-12.30% – 2.51%1,104
Jun 6, 20192.40%02.34% – 2.51%1,031
Jun 5, 20192.40%+12.34% – 2.50%1,082
Jun 4, 20192.39%-12.34% – 2.50%1,110
Jun 3, 20192.40%-92.35% – 2.52%1,162
May 31, 20192.49%+9—1,136
May 30, 20192.40%02.28% – 2.54%1,083
May 29, 20192.40%-12.28% – 2.53%1,099
May 28, 20192.41%+42.35% – 2.53%1,085
May 24, 20192.37%02.32% – 2.49%1,038
May 23, 20192.37%02.32% – 2.49%1,039
May 22, 20192.37%-12.30% – 2.49%1,037
May 21, 20192.38%-12.33% – 2.50%1,017
May 20, 20192.39%-32.33% – 2.50%1,038
May 17, 20192.42%-12.34% – 2.52%1,036
May 16, 20192.43%-52.38% – 2.54%1,030
May 15, 20192.48%+92.40% – 2.60%1,052
May 14, 20192.39%+12.34% – 2.51%1,012
May 13, 20192.38%-22.33% – 2.49%1,007
May 10, 20192.40%-12.35% – 2.50%1,034
May 9, 20192.41%-22.35% – 2.52%1,011
May 8, 20192.43%-12.35% – 2.54%1,034
May 7, 20192.44%+22.38% – 2.55%1,069
May 6, 20192.42%-12.37% – 2.54%1,021
May 3, 20192.43%-72.38% – 2.56%1,076
May 2, 20192.50%-42.40% – 2.63%1,053
May 1, 20192.54%-222.46% – 2.65%1,074
Apr 30, 20192.76%+282.42% – 3.06%1,084
Apr 29, 20192.48%+22.40% – 2.62%968
Apr 26, 20192.46%+12.41% – 2.60%982
Apr 25, 20192.45%+12.39% – 2.57%962
Apr 24, 20192.44%-22.39% – 2.56%1,018
Apr 23, 20192.46%02.39% – 2.59%969
Apr 22, 20192.46%-42.40% – 2.59%978
Apr 18, 20192.50%02.43% – 2.63%979
Apr 17, 20192.50%+32.43% – 2.63%954
Apr 16, 20192.47%02.40% – 2.65%961
Apr 15, 20192.47%+32.40% – 2.60%968
Apr 12, 20192.44%02.39% – 2.55%955
Apr 11, 20192.44%-12.39% – 2.55%974
Apr 10, 20192.45%02.38% – 2.57%945
Apr 9, 20192.45%-12.37% – 2.57%970
Apr 8, 20192.46%02.40% – 2.58%949
Apr 5, 20192.46%02.40% – 2.58%976
Apr 4, 20192.46%-12.40% – 2.58%1,000
Apr 3, 20192.47%+12.41% – 2.58%987
Apr 2, 20192.46%02.40% – 2.61%978
Apr 1, 20192.46%-192.40% – 2.67%978
Mar 29, 20192.65%+222.40% – 3.70%897
Mar 28, 20192.43%+32.34% – 2.58%898
Mar 27, 20192.40%02.34% – 2.53%879
Mar 26, 20192.40%02.35% – 2.52%901
Mar 25, 20192.40%02.35% – 2.51%919
Mar 22, 20192.40%-42.35% – 2.52%889
Mar 21, 20192.44%-32.39% – 2.59%921
Mar 20, 20192.47%+52.40% – 2.61%928
Mar 19, 20192.42%+12.38% – 2.58%945
Mar 18, 20192.41%-52.35% – 2.53%942
Mar 15, 20192.46%+42.40% – 2.59%940
Mar 14, 20192.42%+22.36% – 2.53%879
Mar 13, 20192.40%+12.33% – 2.53%925
Mar 12, 20192.39%+12.35% – 2.52%916
Mar 11, 20192.38%-12.35% – 2.51%949
Mar 8, 20192.39%+12.34% – 2.51%954
Mar 7, 20192.38%02.34% – 2.52%972
Mar 6, 20192.38%02.33% – 2.50%977
Mar 5, 20192.38%02.33% – 2.51%956
Mar 4, 20192.38%02.34% – 2.51%965
Mar 1, 20192.38%-202.35% – 2.52%1,007
Feb 28, 20192.58%+212.35% – 2.82%1,003
Feb 27, 20192.37%-12.34% – 2.51%898
Feb 26, 20192.38%02.34% – 2.51%919
Feb 25, 20192.38%-22.34% – 2.51%938
Feb 22, 20192.40%+12.34% – 2.51%894
Feb 21, 20192.39%02.34% – 2.51%886
Feb 20, 20192.39%-12.34% – 2.51%913
Feb 19, 20192.40%-32.35% – 2.51%941
Feb 15, 20192.43%+42.38% – 2.56%913
Feb 14, 20192.39%+12.34% – 2.50%862
Feb 13, 20192.38%-12.34% – 2.50%928
Feb 12, 20192.39%-12.33% – 2.50%920
Feb 11, 20192.40%+32.35% – 2.56%984
Feb 8, 20192.37%-12.33% – 2.50%912
Feb 7, 20192.38%02.34% – 2.51%918
Feb 6, 20192.38%-22.33% – 2.49%942
Feb 5, 20192.40%02.34% – 2.51%932
Feb 4, 20192.40%-72.30% – 2.53%964
Feb 1, 20192.47%-112.30% – 2.59%993
Jan 31, 20192.58%+192.30% – 2.85%1,048
Jan 30, 20192.39%-12.35% – 2.52%948
Jan 29, 20192.40%+12.32% – 2.52%934
Jan 28, 20192.39%-12.32% – 2.52%981
Jan 25, 20192.40%-12.34% – 2.53%915
Jan 24, 20192.41%+12.35% – 2.55%994
Jan 23, 20192.40%-12.35% – 2.52%956
Jan 22, 20192.41%-12.35% – 2.52%967
Jan 18, 20192.42%+12.34% – 2.52%974
Jan 17, 20192.41%-22.35% – 2.52%969
Jan 16, 20192.43%-32.35% – 2.52%988
Jan 15, 20192.46%+62.38% – 2.56%991
Jan 14, 20192.40%-12.34% – 2.53%977
Jan 11, 20192.41%-22.35% – 2.52%973
Jan 10, 20192.43%-22.37% – 2.56%1,026
Jan 9, 20192.45%+32.30% – 2.59%1,032
Jan 8, 20192.42%+12.38% – 2.55%1,070
Jan 7, 20192.41%-42.35% – 2.54%1,052
Jan 4, 20192.45%-252.30% – 2.60%1,041
Jan 3, 20192.70%-452.30% – 2.89%1,063
Jan 2, 20193.15%+152.30% – 3.70%1,092